Ann: Quarterly Activities and Cashflow Report, page-7

Hi Spec

I'll let you know after the AGM in all honesty... need more clarity on Aneth developments, what the real situation on Grieve.... the need to be challenged regarding the way Grieve ramp up guidance was given vs actual result. The hedging losses area killer atm, they would be cash flow positive well and truely without them, but they wouldn't have the Aneth field without them either.

Obviously the T@C of the refinance will be critical, as will Grieve, which looks like it may be finally on its way with October production up to 89 BOD.

I can see enough cash to pay the $10 million deferred Aneth payment in the bank, and if refinance can produce the ~$15-20 million cashflow benefit PA, and Grieve does finally meet expectations over the next 12-18 months, and if oil stays above Us$60 to stop them going backwards with the new hedging, and if Aneth development increases production as they say, then we will be smelling the roses IMO....they need a few things to go their way.

I'll check in after the AGM .

Cheers

Dan